I'm 5 and half years through an iva (6 months payments was added on to clear arrears) however we have £20000 available equity in our property but remorgaging has failed. The iva company now say they are going to extend for a further 3 years until the £20000 has been paid. Can you do this my t&cs say that the maximum length is 6 years. (Note my iva practioner changed in last 6 months as the old company seized to operate) ??
Many Thanks
It is unusual to extend for that length of time - is it one of your creditors who is asking for this?
I think that if your chairmans report says 6 years including the extra year for equity then stick to your guns, ask to speak to the IP and query it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They cannot go beyond what is in the agreement -- this usually mentions remortgage or extend by 12 months --- check your paperwork thoroughly and challenge your IP if need be. -- Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Seems very odd and could be a mistake. Demand to speak with the IP themselves and ask for their decision in writing with an explanation of how they arrived at this.
